Industrial Scientific Corporation announced that it has reached agreement with Industrial Safety Technologies (IST) for the sale of its Oldham fixed-point gas detection business.
Oldham provides a comprehensive portfolio of fixed system gas detection monitors and controllers. The sale encompasses Oldham headquarters’ operations in Arras, France along with fixed systems support operations in China, Germany, India and the United States. “Industrial Scientific people are dedicating their careers to ending death on the job,” said Justin McElhattan, President and CEO of Industrial Scientific. “The sale of Oldham is part of our strategy to accelerate promising technologies that further preserve human life in the workplace. Our growing global presence in portable gas detection technology and services will enable our customers to benefit from these innovations. I firmly believe that Oldham and its people will thrive under Industrial Safety Technologies. IST has strong synergies in fixed gas detection and supports the vision of the company.”
Adam Markin, President of Industrial Safety Technologies, said “Oldham offers IST a great European presence and market share including production capabilities in France and China that complement IST’s existing locations and other group companies. We are excited about Oldham and are very interested in working with Oldham management to grow the business and meet their long term objectives.”
The transaction is expected to close in the fourth quarter of 2013. Raptor Partners LLC acted as financial advisors to Industrial Scientific in the transaction.